Gold, Silver Decline for Second Consecutive Session

Gold bars, gold nuggets
Gold and other precious metals pressed lower

Gold declined in thin trading Monday for a second straight session of losses after having surged to an 11-month high on Thursday.

Gold for December delivery retreated $5.10, or 0.3%, to settle at $1,775.70 an ounce on the Comex in New York. Prices on the day traded from a low of $1,768.20 to a high of $1,782.50.

Profit-taking and a stronger U.S. dollar were catalysts for gold’s direction, opined analysts.

"The dollar is keeping the market quiet," Pratik Sharma, a fund manager at Miami-based Atyant Capital, said in a telephone interview that was relayed on Bloomberg. "There is also some profit-taking."

Reuters noted that gold’s two-day fall, which equates to a near 1% decline since Thursday, was the largest since August. Some market-watchers cite the possibility for further southerly movement.

"It’s quite possible that we do see further follow-through selling because we had a sharp move up in the last quarter," Reuters quoted Mark O’Byrne, executive director at bullion dealer GoldCore.

In other New York bullion prices on Monday:

  • Falling by more than 50 cents for a second straight session, silver for December delivery declined 55.5 cents, or 1.6%, to $34.017 an ounce. Silver prices traded between $33.620 and $34.605.

  • Platinum for January delivery settled down $8.40, or 0.5%, to $1,698.80 an ounce, ranging from $1,678.00 to $1,708.80.

  • Palladium for December delivery declined $6.25, or 0.9%, to $656.95 an ounce, ranging from $646.10 to $662.95.

For all last week, silver declined less than 0.1% as the other metals recorded increases of 0.4% for gold, 2.3% for platinum and 3.5% for palladium.

London Bullion Prices

London precious metals also logged across-the-board losses on Monday. In comparing the latest London PM Fix prices:

  • Gold shed $10.50, or 0.6%, to $1,773.50.00 an ounce,
  • Silver plunged $1.00, or 2.9%, to $33.85 an ounce,
  • Platinum fell $29.00, or 1.7%, to $1,682.00 an ounce, and
  • Palladium lost $15.00, or 2.2%, to $652.00 an ounce

The downward activity contrasts against the gains each metal made last week, which were 0.5% for gold, 0.6% for silver, 2.6% for platinum and 3.9% for palladium.

U.S. Mint Bullion Coin Sales for October and YTD

Sales amounts for U.S. Mint bullion coins remained unchanged Monday as of 4:32 p.m. ET. The following grid offers the latest daily, October and year-to-date bullion sales figures as provided by the U.S. Mint.

Sales of US Mint American Eagle and Buffalo Bullion Coins
  Daily Sales October Sales YTD 2012
$50 American Eagle Gold Coins 0 7,500 418,000
$25 American Eagle Gold Coins 0 0 61,000
$10 American Eagle Gold Coins 0 0 62,000
$5 American Eagle Gold Coins 0 10,000 260,000
$50 American Buffalo Gold Coins 0 2,500 99,000
American Eagle Silver Coins 0 1,233,000 27,028,000


Sales of America the Beautiful 5 Oz. Silver Bullion Coins
  Daily/October Sales All-Time Total
2012 El Yunque National Forest 5 oz. Silver Bullion Coins 0 17,900
2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins 0 17,200
2012 Acadia National Park 5 oz. Silver Bullion Coins 0 18,000
2012 Hawai’i Volcanoes 5 oz. Silver Bullion Coins 0 10,400
2011 Olympic National Park 5 oz. Silver Bullion Coins 0 85,900
2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins 0 39,500
2011 Chickasaw Park 5 oz. Silver Bullion Coins 0 29,700
TOTAL 0 218,600


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